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Tuesday, April 29, 2008
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Forex Trading Basics

Forex Market Basics

The Foreign Exchange market (also referred to as the Forex, FX market, "Cash" Forex or Spot Forex market ) is the largest financial market in the world, with more than $1.5 trillion changing hands every day � 30 times larger than the combined volume of all U.S. equity markets. Another major feature of the Forex market is that it operates 24 hours a day, corresponding to the opening and closing of financial centers in countries all across the world, starting each day in Sydney, then Tokyo, London and New York. At any time, in any location, there are buyers and sellers, making the Forex market the most liquid market in the world.

What to trade in Forex Market?

In the forex market, currency trading is always done in currency pairs, such as EUR/USD or GBP/USD. Accordingly, all trades result in the simultaneous buying of one currency and the selling of another. The base currency is the "basis" for the buy or the sell. It is useful to consider the currency pair as an instrument, which can be bought or sold.

Understanding Forex quote

* Base currency: The first currency in the pair.
* Counter Currency: The second currency in the pair. Also known as the terms currency.

The US dollar is the centerpiece of the Forex market and is normally considered the �base� currency for quotes. This includes USD/JPY, USD/CHF and USD/CAD. For these currencies and many others, quotes are expressed as a unit of $1 USD per the second currency quoted in the pair. For example, a quote of USD/CAD 1.1302 means that one U.S. dollar is equal to 1.1302 Canadian dollar.

BID and ASK Prices

When trading forex you will often see a two-sided quote, consisting of a �bid� and �ask�. The �bid� is the price at which you can sell the base currency (at the same time buying the counter currency). The �ask� is the price at which you can buy the base currency (at the same time selling the counter currency).

Commission-free, but with spreads

Most Forex brokers offer commission-free Forex trading. Spread - The difference between the bid and ask price of a currency. Normally 3-5 pips on the Majors.

Rollover - What happens to my open positions at the end of the trading day?

Process whereby the settlement of a deal is rolled forward to another value date. The cost of this process is based on the interest rate differential of the two currencies. Most brokers will automatically roll over your open positions, allowing you to hold a position for an indefinite period of time.

Leverage & Margin

The leverage available in forex trading is one of main attractions for many traders. Leveraged trading, or trading on margin, simply means that you are not required to put up the full value of the position. Forex brokers provide more leverage than stocks or futures. In forex trading, the amount of leverage available can be up to 400 times the value of your account.


Let's Talk About Forex

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What about Forecasting: Predicting current and future market trends using existing data and facts. Analysts rely on technical and fundamental statistics to predict the directions of the economy, stock market and individual securities.

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During each trading day in Forex day trading, overall foreign currency trading volume is determined by what markets are open and the times each of these markets overlap one another. With each passing second, minute and hour, Forex currency trading volume remains high, but peaks highest when the British, European and U.S. markets are open at the same time - from 1 p.m. GMT to 4 p.m. GMT. The volume of the Pacific Rim markets, such as Japan and Hong Kong, subsides compared to the crest of the U.S. market, but still offer the Forex trader the ability to analyze the highly traded Pacific Rim currencies
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You can start playing the currency trading market with real market conditions immediately. Trading opportunities in the forex currency trading market are now available to individuals through technology interfaces such as those used by major currency trading brokerage firms (usually large corporations with big tummies). If you decide to hire a professional who takes advantage of this technology, you will be able to view your accounts' closed trades 24 hours per day through a secured, online access portal.

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PIP is nothing special but Price Interest Points. In the forex market, currencies are always priced in pairs. The quoted price is the level where we, acting as the market maker, are willing to buy/sell the currency pair. In the wholesale market, currencies are quoted out to four decimal places, with the last placeholder called a point or a pip. A pip in most currencies is one /10,000th of an exchange rate (in USD/JPY, it is one /100th, likewise you can find for others).

Forex Currency Trading News From Around The World

Daily Forex Market Commentary for October 18, 2006

Thu, 19 Oct 2006 01:11:00 GMT
Forex Market Commentary for October 18, 2006
GFT Daily Forex Market Commentary by Cornelius Luca

The dollar fell broadly on Tuesday amid a very strong TIC data report, a very strong core PPI and a very weak industrial production...



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Additional Info On Forex Today

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In any Forex training program, it is recommended that don't invest in any market, the stock market, futures, mutual funds, bonds or the foreign currency exchange, until you first invest in yourself. There are many types of Forex training and education for trading techniques and methodologies. These are almost for anyone to everyone (for the novices and experienced traders), helping them obtain the skills, knowledge and abilities to successfully trade in the foreign currency echange.
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Forex trading can be lucrative for the commited. And we just don't mean for the insane either! It takes great commitment to be able to make money in Forex trading, but it's a highly lucrative field for career technicians. The best place to start is with the basics. Thanks for visiting Superior Investor, and good luck with your Forex Trading Career.
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In the field of Forex trading systems, mechanical trading systems are techniques that make trading decisions for you. You input the trading data, and the system generates a response that indicates the appropriate action. You buy, sell, or do nothing depending upon the formulas this system uses and operates upon. The latest computer versions of these mechanical systems are complete "black box" operations (you cannot have all the emotion involved when you follow a specific system). Perhaps, that is one of the reasons that these systems are called mechanical systems. But that doesn�t mean that they aren�t intelligent enough. Turn the computer on, start the system, and it updates your database, and generates trading recommendations, and places your orders directly to the brokers.

How To Trade Forex News From Around The World

European Morning Update 29th April 2008

Tue, 29 Apr 2008 01:07:16 -0400
A waiting game...

Releases from Australia:

Prior Current
Q1 NAB Business Confidence +6 - 4

Confidence that has been waning around the rest of the globe has overtaken Australia also now with NAB’s index falling to its lowest level in 7 years. According to the bank this is due to “The combination of much tighter financial conditions, falling global equity markets and the
global credit crunch has produced a sharp fall in business confidence. The survey is signaling that the Australian economy may be slowing faster than we had expected.”

That echoes the stories elsewhere and highlights how former confidence has under-estimated the impact of the most significant economic crisis in many years.

However, the NAB retains a forecast for both this and next year that forecasts growth of 2.75%. Note that we have seen forecasts having to be downgraded across the globe. The bank also forecasts that the RBA will retain an unchanged interest rate policy through this year but make cuts of 1.25% next year.

The Aussie has been mildly soft on the back of the news but interest in opening positions is lacking due to tomorrow’s figures from the States.

The following economic releases are due today:

Swiss UBS Consumption Indicator
Italian PPI (MoM) +0.5%
Italian PPI (YoY) +5.8%

French Consumer Confidence Indicator - 37.0
Italian Retailers’ Confidence General
Italian Services Survey
Bloomberg Italian Retail PMI
Bloomberg French Retail PMI
Bloomberg German Retail PMI
Bloomberg Euro-zone Retail PMI
U.K. CBI Distributive Trades Report
German IFO Business Climate Survey by industry
U.S. Consumer Confidence 62.0

Yesterday was pretty much a nothing day. No critical levels that would confirm extension in either direction occurred and thus we’re left with pretty much the same picture as described yesterday. Well, having said that there are one or two pointers that provide more risk weighting in the Pound and Yen.

The Pound reached its target perfectly and does seem to provide a strong argument for a triangle under development. This implies more losses today with the 1.9780-00 and 1.9700-30 areas being the two support areas that should initially cause a pullback and the lower that should complete the 4th leg of the triangle and thus suggest one more correction higher before the entire picture becomes quite strongly Pound bearish.

The situation in the Yen is interesting. Well, really the clue is in Euro-Yen which again bounced nicely from the recent highs and this actually implies a quite strongly bearish outlook. However, this is unlikely to be totally direct. Today looks as if it could retest the 162.66 low and probably extend a little further to the 162.30-40 area. However, that should cause a pullback but which should find it tough to get back above 163.00 before the stronger part of the decline.

Now this clearly means that either my bullish Dollar-Yen view is incorrect or the Euro is going to take a dive. The latter is clearly my preference but timing is key here. It seems unlikely that the Euro can lose out that much ahead of tomorrow’s GDP and FOMC decision, but that causes some confusion over the intervening period and how Euro-Yen and its constituent parts develop.

My preference has been for a slightly deeper pullback in Dollar-Europe but that will mean that Dollar-Yen will need to ease off. That’s not impossible assuming the 104.81 high was a critical high but we’ll need to see a break below 103.48-73 to see those losses. If we do then a move back to 102.41 or as much as 101.84 could be seen.

If the Euro decides to collapse sooner then we’ll have to re-arrange the implications for Dollar-Yen vis-à-vis Euro-Yen.

Note important support and resistance areas:

Res: 104.81-16 1.5733-86 1.0429-70 2.0025-47
Res: 104.30-40 1.5668-02 1.0380-00 1.9964-97

Spt: 103.48-73 1.5583-20 1.0300-25 1.9850-89
Spt: 102.66-17 1.5497-10 1.0213-50 1.9750-80

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